# In the matter of GMP Technical Solutions Pvt. Ltd.

> NCLT judgment dated 2022-07-20. Citation: TCN-2022-NCLT-01637. The case involves an application (IA 1913/2022) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 20 Jul 2022
- **Citation:** TCN-2022-NCLT-01637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gmp-technical-solutions-pvt-ltd-a7be6d4b

## Summary

### Background

The case involves an application (IA 1913/2022) filed by the Interim Resolution Professional (IRP) of the Corporate Debtor, GMP Technical Solutions Pvt Ltd, seeking withdrawal of the main Company Petition bearing CP (IB) No. 827 of 2019. The Committee of Creditors was not constituted, and the Corporate Insolvency Resolution Process (CIRP) cost and IRP fees have been paid by the Applicant. The Corporate Debtor has amicably settled the issue involved in the main Company Petition, and the parties have entered into consent terms dated 18.06.2022.

## Facts

The Interim Resolution Professional (IRP) of GMP Technical Solutions Pvt Ltd filed an application (IA 1913/2022) to withdraw the main Company Petition (CP (IB) No. 827 of 2019). The application was supported by Form 'FA' dated 08.07.2022, signed by the Authorised Signatory of the Operational Creditor. The Committee of Creditors was not constituted, and the Corporate Insolvency Resolution Process (CIRP) cost and IRP fees were paid by the Applicant. The Corporate Debtor and the parties involved had amicably settled the issue and entered into consent terms dated 18.06.2022. This amicable settlement is a key fact influencing the decision to allow the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main Company Petition should be allowed given that …

**Ratio:** An application for withdrawal can be allowed if the Committee of Creditors has not been

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**Reasoning:** The court reasoned that since the Committee of Creditors was not constituted, the CIRP

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**Interpretation:** This interpretation suggests that the NCLT prioritizes amicable settlements and

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** Newage Fire…
- **Respondents:** GMP Technical…

## Timeline

- **2019-01-01 — Filing of Company…**: Main Company Petition bearing CP…
- **2022-06-18 — Consent…**: Parties entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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